“U.S. stock and options markets will shut down today [Monday, October 29, 2012] as Hurricane Sandy drenches Manhattan,” Abram Brown reports for Forbes.
“Originally, the NYSE hoped to shift trading to its electronic NYSE Arca exchange, which is not based near New York. The Nasdaq, already an electronic platform, had intended to stay open as well,” Brown reports. “The decisions came just before midnight on the East Coast, and officials say they later today will make a decision about whether to stay closed tomorrow [Tuesday].”
Brown reports, “Most of Manhattan darkened by 9 p.m. Sunday, after New York Gov. Andrew Cuomo ordered the city’s subways, bus and rail lines closed. That will choke off access to the city for the 8.5 million commuters who normally use those systems to enter New York. Hurricane Sandy is expected to make landfall sometime this evening, bringing heavy rains, gusting winds, flooding and power outages. It’s flooding that could impact Manhattan’s Financial District most. The neighborhood sits in a low-lying part of the island, and officials have cautioned that flooding could likely affect wide parts of the New York area.”
Read more in the full article here.
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